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04/08/2006
Bankruptcies on the increase
The number of people declaring themselves bankrupt in England and Wales is continuing to increase, the latest figures have revealed.
According to new figures from the Insolvency Service, there were 26,021 individual insolvencies in England and Wales in the second quarter of 2006 - an increase of 10% on the previous quarter and an increase of 66.3% on the same period a year ago.
The figures were made up of 14,915 bankruptcies - a decrease of 3.3% on the previous quarter and an increase of 32.5% on the corresponding quarter of the previous year - and 11,105 Individual Voluntary Arrangements (an alternative to bankruptcy which allows debtors to come to an agreement with their creditors) - and increase of 34.9% on the previous quarter and an increase of 153.2% on the corresponding quarter of the previous year.
The figures come a day after the Bank of England's decision to increase interest rates to 4.75% , leaving homeowners facing increased mortgage repayments.
It was also reported this week that major High Street banks have increased their provisions to cover levels of bad debts.
It has been predicted that the number of insolvencies in England and Wales could reach 100,000 in 2006.
The huge increase in bankruptcies have been blamed on increased borrowing at the beginning of the decade, which has led to UK consumers building up over a trillion pounds worth of debt, as well as recent changes in the bankruptcy laws.
Since 2004, bankrupts can be discharged after just one year, instead of three.
(KMcA)
According to new figures from the Insolvency Service, there were 26,021 individual insolvencies in England and Wales in the second quarter of 2006 - an increase of 10% on the previous quarter and an increase of 66.3% on the same period a year ago.
The figures were made up of 14,915 bankruptcies - a decrease of 3.3% on the previous quarter and an increase of 32.5% on the corresponding quarter of the previous year - and 11,105 Individual Voluntary Arrangements (an alternative to bankruptcy which allows debtors to come to an agreement with their creditors) - and increase of 34.9% on the previous quarter and an increase of 153.2% on the corresponding quarter of the previous year.
The figures come a day after the Bank of England's decision to increase interest rates to 4.75% , leaving homeowners facing increased mortgage repayments.
It was also reported this week that major High Street banks have increased their provisions to cover levels of bad debts.
It has been predicted that the number of insolvencies in England and Wales could reach 100,000 in 2006.
The huge increase in bankruptcies have been blamed on increased borrowing at the beginning of the decade, which has led to UK consumers building up over a trillion pounds worth of debt, as well as recent changes in the bankruptcy laws.
Since 2004, bankrupts can be discharged after just one year, instead of three.
(KMcA)
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